1.3.1 - Stock Adjustment

[Keyzer]

Stocktake at 30 June indicates stock on hand of $48 700. Pre-adjustment trial balance indicates Stock Control as being $48 000. However, previously in the question, the owner withdrew $600 worth of stock. That would reduce stock control to $47 400 and so stock gain would be $1 300. Is that what everybody else did?

[LFTM]

oh crap...no

i did:

DR stock control 700
CR stock gain     700

[rudaid]

are you sure that that wasn't before the trial balance..!?

[kakar0t]

Did they specifically state that the withdrawal of stock was an adjustment?

[Albeno69]

oh crap...no

i did:

DR stock control 700
CR stock gain     700

same

[mojomojo]

no.. cause the drawings of stock should have recorded already, and therefore the 48000 Stock Control in the pre-adjustment trail balance has already include the drawings from Feb.

[kakar0t]

Case closed.

[Keyzer]

no.. cause the drawings of stock should have recorded already, and therefore the 48000 Stock Control in the pre-adjustment trail balance has already include the drawings from Feb.

Oh shit. Okay, so say in the General Journal the adjustment for stock control is made to the correct accounts, just the amount is incorrect, are marks still available?

[LFTM]

no.. cause the drawings of stock should have recorded already, and therefore the 48000 Stock Control in the pre-adjustment trail balance has already include the drawings from Feb.

Oh shit. Okay, so say in the General Journal the adjustment for stock control is made to the correct accounts, just the amount is incorrect, are marks still available?

you should still get one for having the right accounts.

[Syncness]

You just scared me, this legitimately sounded like something VCAA would to to split the students.

Note that previously in the question, may have been from months ago.

1.2 or something was February, 1.3 was June or something.